Localization is the process whereby a product or content specific to a place or market is adapted to the target audience (target market). Translation is only one aspect of localization (which is more extensive). Localization involves adapting other elements as well as to the target market, such as:
Modifying graphics and design to properly display translated text
Changing content to match preferences
Converting to local currencies and units of measurement
Using proper formatting for elements like dates, addresses and phone numbers
Addressing local regulations and legal requirements
Who needs localization? Whoever wishes to extend globally must consider both localization and translation.